“What we see is stalled growth in advance economies with potential recession in some of the European Union countries, including my own country (France), of course, and channels of contagion, which can be different," she said.

A second warning came from the United Nations trade and development arm, which predicted a “fully-fledged recession” or even “outright depression” next year, similar to the one in the 1930s.

If recession breaks out across Western nations, more countries could need bail-outs from the IMF, like Greece and Portugal have already required.

Officials last night admitted Britain could still give up to £10 billion to the IMF for a new global bail-out fund, just not one specifically aimed at saving the euro.

Treasury sources told The Daily Telegraph that Chancellor George Osborne was directly asked to contribute on a conference call with European Union finance ministers but he “categorically” declined.

One Treasury source said: “We refused to contribute. The eurozone and some others may still commit to a smaller number.”

The move risks isolating Britain further in Europe, after its decision not to take part in a new treaty ten days ago.

Prime Minister David Cameron did not sign the treaty over fears that a new European Union tax on financial transactions would have harmed the banking sector.

The UK faced a backlash from countries such as France, after the treaty was agreed in principle by all of the 26 other European Union countries.

Germany yesterday tried to make peace by offering a “standing invitation to Great Britain to work together with the rest of us”, as talks on the treaty are due to begin again.

Guido Westerwelle, the German foreign minister, extended the olive branch during a visit to London to “build bridges over troubled water”.

He called on the UK to accept a “shared destiny” with Europe after the deep divisions of the Second World War at a joint appearance with William Hague, the Foreign Secretary.

“We are in this situation now,” he said. “Do we think we can change it or not? I think we can change it and I think we should change it. And with good will on both sides it will be possible and I think it is in our mutual interest.”

He said Germany wanted all of Europe, including Britain, to be united in closer political union.

“For many people out of Germany, the euro and the European union is a single market and a common currency,” he said. “For us, it’s more. For us, it’s the answer to the darkest chapter in our history… Europe is not only our destiny, it’s also a desire. A political union is what we want and it’s not the first time we have to find answers out of

controversy and we will find answers this time. This is our hope and this is our duty.”

He said Britain should not fear greater regulations for the financial services industry, as Germany wants London to have a “positive and prosperous” future.

“There is no hidden agenda against the City of London,” he said. “It is our mutual interest to have a strong centre here in London.

“My main message is for the British people - you can count on us, and we count on you.”

Mr Hague said Britain welcomed taking part in new discussions on the European treaty as an observer.

However, he made clear that safeguards for the City of London “absolutely remain requirements for the UK”.